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ISSUE  1  

JANUARY 2014  

JSIPT NEWSLETTER   THE  PROFESSIONAL  

A Message  From  Our  President  

IN THIS  ISSUE   Page  2   A  Message  from   Our  Out-­‐Going   President   Page  2  

The Roles  of   VP  –  Education   VP  –  Public   Relations    

Page 3   The  Roles  of   VP  –  Membership   VP  -­‐  Research   Page  3  

Careers at  CIPS  

Page 4   The  Ins  &  Outs  of   Director’s  Liability   Page  5   Demystifying   Marine  &   Aviation  Business  

The Jamaica  Society  of   Insurance  Professional  and   Technician,  is  in  its  fifth  year   of  existence  and  we  are   proud  to  say  that  we  have   played  a  significant  role  in   bringing  together  a  number   of  insurance  professionals   from  various  areas  of  the   industry.  Our  close   relationship  with  the  College   of  Insurance  and   Professional  Studies  has   proven  to  be  a  good   partnership  as  we  seek  to   provide  an  avenue  for   continued  professional   development  through   various  seminars  hosted  at   the  college.  We  have  signaled   to  all  industry  players  that   our  mission  is  to  guide  our   human  resources  in  a   manner  that  will  ensure   continuity  of  insurance   standards  and  best  practices   in  the  industry.  The   structure  of  the  entity  allows   for  persons  to  make  their   contribution  in  the  area  of   continued  professional   development,  insurance  

education and  research.   Our  goal  this  year  is  to   increase  our  membership   with  particular  focus  on  the   life  insurance  sector.  We  are   experiencing  some  success   as  the  overall  growth  this   year  has  surpassed  previous   years.  There  will  be  greater   interaction  with  our   members  by  way  of   newsletters,  seminars,   workshops  and  social   occasions.  We  are  currently   examining  the  requirements   for  membership  to  ensure   that  we  are  engaging  all  the   professionals  and   technicians  in  our  industry.   This  newsletter  is  intended   to  provide  information  to   our  members  and  indeed  all   members  of  the  industry,  on   who  we  are  as  a   professional  organization   and  the  changes  we  intend   to  bring  about  through  our   activities.  We  want  to  use   this  occasion  to  extend  to  all   insurance  industry   personnel  who  have  met  the   criteria  for  membership  to  

come on  board  and  to  give   back  to  the  industry  for  the   greater  good  of  all  of  us.   We  want  also  to  commend   our  past  Executive   members  who  have  laid  the   foundation  on  which  we   are  now  seeking  to  build  a   vibrant  organization.   Collaborative  effort  with   other  insurance   professional  entities  is  also   necessary  as  part  of  the   building  process.  We  hope   that  members  who  read   this  our  first  edition  for  the   year  will  find  it  informative   and  be  motivated  to  renew   their  membership  and   invite  others  to  join  in  the   partnership.   -­‐  Mr.  Carlton  Raymond   JSIPT  President    

THE JSIPT  WOULD  LIKE  TO  EXTEND  

TO ALL  WHO  HAVE  ALL  WHO  HAVE  ACHIEVED  INSURANCE  QUALIFICATIONS  in  2013  


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THE  PROFESSIONAL  

ISSUE 1,  JANUARY  2014  

From Our  Out-­‐Going  President   My  tenure  as   President  has   been  a  very   rewarding  and   learning   experience  for   me.      Through   the  hard  work   of  our   officers  and  in  association  with  the   College  of  Insurance  and  Professional   Studies  we  hosted  seminars,   workshops  and  Continued   Professional  Development  talks  with   the  help  of      Presenters  from  outside   of  the  Insurance  Industry.    We  were  

VICE PRESIDENTS  

Joy McCallum   VP  -­‐  Education  

also involved  in  career  talks   to  various  schools  and   institutions  of  higher   learning.  We  facilitated  the   summer  workshop   programme  for  4  years.     Our  social  gathering  or   more  appropriate  "JSIPT   LYME’  was  always  well   supported  as  we  used  these   events  to  unwind,  to   rekindle  old  acquaintances   and  to  make  new  friends   for  which  I  thank  all  the   Sponsors.  

As I  hand  over  the  Presidency   to  Mr.  Carlton  Raymond,  I   would  like  to  thank  the  past   administration  including  JSIPT   Founding  President,  Grace   Burnett,  for  the  support  and   guidance  extended  to  me   during  my  season  and    as  I   continue  to  serve  on  this  board   I  look  forward  to  being  a  part  of   what  we  will  accomplish  in  the   years  ahead.   -­‐  Sharon  Smith   Immediate  Past  President  

The Role  of  VP  of  Education   The   world   is   evolving   on   a   daily   basis.     In   the   present   topical   issue   of   change,   as   insurance  practitioners  we  must  continue  to  upgrade  our  skills  set  and  knowledge   base  in  order  to  meet  these  challenges.     JSIPT   provides   an   excellent   conduit   as   well   as   a   vital   opportunity   to   facilitate   insurance   education   by   hosting   seminars,   workshops   and   publications   to   improve   the   professional   status   and   strengthen   the   technical   expertise   of   members   within   the  insurance  industry.     My   portfolio   responsibility   for   Education   is   mainly   focused   on   developing   programmes  designed  to  meet  the  needs  of  the  changing  and  demanding  insurance   environment   with   specific   objective   to   improve   the   interests,   welfare   and   advancement  both  members  and  non-­‐members  of  the  insurance  industry.     -­‐  Ms.  Joy  McCallum  

The Role  of  VP  of  Public  Relations   The  Jamaica  Society  of  Insurance  Professionals  and  Technicians  continue  to  play  its   part   in   promoting   the   need   for   continued   Professional   development   as   well   advertising   our   industry   to   be   a   viable   and   diverse   market   for   people   of   all   professions  to  gain  employment.   With  this  in  mind  the  Public  Relations  committee  is    committed  to  creating  a  strong   and  positive  image  of  JSIPT  in  the  Market  Place.  We  will  create  programmes  with   the   intent   of   fostering   relationships   within   the   life   and   general   sector   as   well   as       using   technology   to   keep   our   members   abreast   of   developments   in   the   industry   and  advising    our  members  of  activities  and  events.  

Jasmine Coley   VP  –  Public  Relations  

It is  the  intention  of  the  committee  to  work  to  sensitize  our  members  in  both      the   Life  and  General  insurance  sector  of  the  need  to  keep  improving  their  professional   status  as  well  as  the  importance  of  professionalism  when  doing  business.   We  look  forward  to  a  productive  year.   -­‐  Ms.  Jasmine  Coley  

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THE PROFESSIONAL  

ISSUE 1,  JANUARY  2014  

The Role  of  VP  of  Membership  

Sheron Gilzean   VP  -­‐  Membership  

The core   function   of   the   Membership   Chair   is   to   Build   and   maintain   JSIPT   membership   through   recruitment,   administration,   communication   and   other   services  to  sustain  the  dynamism  of  JSIPT.       Currently,   there   are   seventy-­‐five   (75)   members,   fifty-­‐two   (52)   of   whom   are   paid   up.   We   are   working   towards   increasing   the   number  of   paid   up   memberships   to   the   full  complement  before  the  end  of  the  year.     Skills   needed   include   administration,   support   services,   mentoring   and   coordinating.   So   if   you   wish   to   mentor,   co-­‐ordinate,   manage   information   or   participate  in  membership  service,  there  is  a  space  for  you.     -­‐  Mrs.  Sheron  Gilzean    

The Role  of  VP  of  Research  

Michelle Robinson   VP  -­‐  Research  

We all  know  the  phrase  “the  only  thing  that  is  constant  is  change”.  With  that  said   Research   &   Development   is   one   means   which   can   be   used   to   review,   revise,   enhance  or  totally  change  practices  that  are  no  longer  relevant  in  the  ever  changing   insurance  market  whether  it  is  from  a  product  or  educational  perspective.     As   a   professional   group   Jamaica   Society   of   Insurance   Professionals   &   Technicians   (JSIPT),  in  its  drive  to  enhance  the  competence  of  its  members  can  use  this  medium   to   keep   abreast   with   new   developments   and   trends   in   our   local   and   overseas   markets,   use   appropriate   methodology   for   skills   assessment/   training   and   encourage  continuous  professional  development.     As  we  look  to  the  future,  Research  and  Development  has  to  be  at  the  forefront  as  its   importance   cannot   be   overlooked   in   our   ever   changing   society.   Additionally,   its   benefit  to  our  members  in  particular  and  the  public  in  general  is  far  reaching.     -­‐  Ms.  Michelle  Robinson  

BUILDING A  CAREER  AT  COLLEGE  OF  INSURANCE  &  PROFESSIONAL  STUDIES  

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The Insurance  industry  is  a  stable  yet  dynamic  industry  that  provides  a  wealth  of   opportunities  for  career  advancement  in  areas  that  range  from  administrative   support  to  management,  from  sales  to  information  technology,  from  accounting  to   customer  service  ...  anything  you  want  to  do  in  business,  you  can  do  in  the   insurance  industry.      The  College  of  Insurance  &  Professional  Studies  (CIPS)   recognizes  the  need  to  expand  its  offerings  to  other  areas  in  insurance  business.    As   a  result,  CIPS  forged  a  partnership  with  the  University  of  London  and  started   offering  tutorials  for  the  Bachelors  of  Laws  LLB  in  September  2013.    Negotiations   continue  to  offer  the  BSc  in  Management  which  should  be  ready  for  registration  in   September  2014.   CIPS  also  encourages  persons  in  the  Insurance  industry  to  join  the  Toastmasters   Club  which  concentrates  on  developing  speaking  and  leadership  skills  which  are   invaluable  in  business.    Contact  Annette  Robotham,  DTM  at  CIPS  for  further   information.  

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THE  PROFESSIONAL  

ISSUE 1,  JANUARY  2014  

The Ins  &  Outs  of  D&O  Liability  Insurance   UNDERSTANDING  DIRECTOR’S  &  OFFICER’S  LIABILITY   The  Companies  Act  of  2004   revises  the  legal  obligation  of   directors  and  officers  within  a   company  and  imposes  sanctions   for  non-­‐compliance.    Directors   and  officers  of  a  company  are   now  liable  to  pay  fines  for   breaches  under  the  relevant   sections  of  the  Act.   The  question  frequently  asked   is  why  should  a  company   purchase  Directors  and  Officers   Liability  Insurance?    Section  204   of  the  Act  states  that  a  company  

may purchase  and  maintain   insurance  for  the  benefit  of  any   person  against  liability  incurred   by  him  in  his  capacity  as  a   director  or  officer  of  a  company   other  than  liability  for  fraud.     This  section  of  the  Act  provides   the  ideal  question  as  to  who  is  a   director  or  officer  of  a  company.     The  simplest  definition  is  any   natural  person  who  was,  or  is,   or  becomes  a  director  or  officer   of  the  company  or  a  trustee  of  a   Benefit  Programme.    This  

definition appears  to  remove   any  imbroglio  as  to  who  is  a   director  or  officer  of  a  company   and  makes  it  difficult  for  any   person  or  persons  as    defined,  to   extricate  themselves  from   litigation  if  found  guilty  of  an   offence  under  the  Act.   How  can  directors  and  officers   of  a  company  be  protected  is  the   next  obvious  question.    The   issue  of  rising  litigation  now   being  experienced  in  Jamaica  is   not  a  warm  or  comforting  

“How can  directors  and  officers  of  a  company  be  protected  is   the  next  obvious  question.”   novella.    In  fact  it  would  be   quixotic  of  any  company  to   believe  they  are  immune  from   litigation  including  their   directors  and  officers  alike.    The   cost  of  defending  lawsuits  may   very  well  exceed  the  net  worth   of  the  company  and  not  to   mention  judgments  that  can  be   financially  burdensome.    The   Directors  and  Officers  Liability    

Policy protects  the  personal   assets  of  directors  and  officers   as  well  as  the  company’s  assets   for  claims  made  against  them   during  the  period  of  the  policy.   Potential  scenarios  in  which   Directors  and  Officers  Liability   claims  can  arise  will  be  explored   in  a  future  article.  

  -­‐  Joy  McCallum   Binder  Underwriting  Manager   IIB  Re-­‐  A  Division  of  CGM   Gallagher  Group    

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THE PROFESSIONAL  

ISSUE 1,  JANUARY  2014  

Demystifying Marine  &  Aviation  Seminar   On  July  3,  2013,  JSIPT  in  collaboration  with  the  College  of   Insurance   hosted   a   seminar   which   served   as   an   introduction   to   both   Marine   and   Aviation   underwriting   and   claims.     The   target   groups   included   brokers,   underwriters   and   claims   handlers   at   various   levels   within   the   profession.     Presenters   were   drawn   from   within   the   industry   who   are   accomplished   practitioners   in   both   classes   with   many   years   of   experience   and   also   from   outside   of   the   industry   with   specific   intention   to   give   a   perspective   on   the   practical   aspect     of   marine   and   cargo   movement.   The  collaborative  effort  yielded  success  and  provided  the   ideal   hypothesis   for   future   seminars   as   well   as   workshops.  

THE JSIPT  BOARD  

Sheron Gilzean,  Annette  Robotham,  Neville  Henry,  Jasmine  Coley,  Carlton  Raymond,  Sharon  Smith,   Joy  McCallum,  Lynford  Reece,  Michelle  Robinson,  Glasmine  Hibbert,  Heather  Bowie  


THE PROFESSIONAL  

ISSUE 1,  JANUARY  2014  

JSIPT’S 2014  CALENDAR  OF  EVENTS   January  

February

March

April

-­‐

Lecture Series  

-­‐

Annual General   Meeting/Lyme  

May

June

July

August

Workshop

Play

Fun Day  

-­‐

September

October

November

December

-­‐

Recognition &  Awards   Recognition  &  Awards  

-­‐

 

JSIPT NEWSLETTER  -­‐  THE  PROFESSIONAL   ISSUE  1,  JANUARY  2014  

       

  CONTRIBUTING  WRITERS  

Carlton Raymond   Sharon  Smith   Joy  McCallum  

Jasmine Coley   Sheron  Gilzean   Michelle  Robinson  

DESIGNED  &  EDITED  BY  THE  PUBLIC  RELATIONS  COMMITTEE:   Jasmine  Coley   Glasmine  Hibbert   Christian  Watt  

Carlton Raymond   Sharon  Smith   Sheron  Gilzean  

C/o CIPS - 3a Richmond Avenue, Kingston 10, Jamaica, West Indies 876.929.3340/2/3 876.929.6159 876.929.6146

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JSIPT Newsletter - The Professional (Issue 1)  

The inaugural newsletter for The Jamaica Society of Insurance Professionals and Technicians

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